Introduction

The NFT market has been booming in the last few months and has seen exponential growth since early 2021. Even though the crypto market has been stalled down a bit, the NFT market has not shown any sign of slowing down. From 'Bored Apes' to 'Video clips', the sale of non-fungible tokens has reached around $25 Billion. The data from CoinGecko and DappRadar shows an average 24 hours trading volume of over $4 billion towards the end of the year 2021. However, the NFT sector is still in its infancy stage for wider adoption, and it is yet to break into the mainstream.

The hype around the NFTs might be inconsistent, but the underlying technology is here to stay for centuries. The world has started realizing the untapped potential of blockchain technology and its application in digital art. Since the launch of EIP1559, the Opensea marketplace has been exploding in terms of Ether being burned. Moreover, when Facebook announced its rebranding as 'Meta' in October 2021, the world received the news with extremely bullish sentiments around the metaverse, where NFTs are considered a crucial component.

The NFT space is exploding and continually evolving behind the stage, which provides uprise to endless opportunities and more innovative applications for this technology. Nevertheless, this is just a start of a new era that has game-changing potential, which is yet to be realized before it drives mainstream adoption for NFTs in the coming years.